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Refinancing Adjustable Rate Home Equity Lines with a Fixed Rate Mortgage


At the end of the mortgage day, we know that one way or another, your variable rate home equity line of credit is getting refinanced. For a few years, every time the Federal Reserve sneezed the interest rates tied to the Prime Rate would go up. Your fun loving home equity line of credit rates increased almost 4% between 2006 and 2008.   Yes the equity line rates started to drop again in 2009 but we all know when Mr. Inflation arrives in 2010, that the adjustable rates will go through the roof.  Now that you can admit your maxed out line of credit has lost its luster it time to consider some fixed rate mortgage refinancing options.

The fact that this HELOC once helped you avoid a down-payment and mortgage insurance has long been forgotten. You need to convert this out of control credit line into a fixed rate FHA refinance loan that guarantees simple interest and fixed terms for loan repayment. If you want a cash out loan or have high interest equity loans and credit card with compounding interest, now is the time to consolidate your debt.

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